Etsy (NASDAQ:ETSY) Price Target Lowered to $40.00 at Morgan Stanley

Etsy (NASDAQ:ETSY) had its target price lowered by equities researchers at Morgan Stanley from $44.00 to $40.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the specialty retailer’s stock. Morgan Stanley’s target price would suggest a potential downside of 8.45% from the stock’s previous close.

A number of other analysts have also issued reports on ETSY. Wells Fargo & Company decreased their price objective on Etsy from $47.00 to $46.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 2nd. Stifel Nicolaus reduced their target price on Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a research report on Thursday, February 20th. Citigroup lowered their target price on shares of Etsy from $56.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, February 20th. Canaccord Genuity Group decreased their price target on shares of Etsy from $105.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Finally, Cantor Fitzgerald lowered their price objective on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, February 20th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $56.42.

Etsy Price Performance

Shares of NASDAQ ETSY traded up $1.17 during trading on Thursday, reaching $43.69. 641,287 shares of the stock traded hands, compared to its average volume of 3,795,202. The stock has a market capitalization of $4.68 billion, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15. Etsy has a 52-week low of $40.05 and a 52-week high of $71.72. The company has a 50-day moving average of $48.07 and a 200-day moving average of $51.65.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.08. The firm had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company earned $0.62 earnings per share. Analysts expect that Etsy will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Josh Silverman sold 21,666 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $52.05, for a total value of $1,127,715.30. Following the transaction, the chief executive officer now owns 5,004 shares of the company’s stock, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total value of $81,118.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,952 shares of company stock valued at $2,554,620. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently bought and sold shares of ETSY. Bank Pictet & Cie Europe AG bought a new stake in Etsy in the first quarter valued at about $207,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Etsy by 293.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 68,584 shares of the specialty retailer’s stock valued at $3,236,000 after buying an additional 51,131 shares during the last quarter. NorthCrest Asset Manangement LLC bought a new position in shares of Etsy during the first quarter valued at approximately $269,000. Simon Quick Advisors LLC acquired a new position in Etsy during the 1st quarter valued at approximately $211,000. Finally, Assenagon Asset Management S.A. increased its position in Etsy by 36.0% in the first quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer’s stock worth $95,599,000 after buying an additional 535,864 shares during the period. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.